Majestic Home Loan

Majestic Home Loan issued a Loan Estimate on 9/7/that confirmed that the interest rate was not locked, and was just an estimate of fees and interest rate based on the current marketDuring the loan process, an appraisal was obtained with a value lower than the borrower’s initial estimateTherefore,the proposed interest rate would have to reflect the current market and take into consideration the actual appraised value based on the Loan-To-Value for the propertyOur Sales Manager has explained the current options to the borrower'sA notice closing the loan out with explanation has been placed in the mail per the borrower's request

Initial Business Response / [redacted] (1000, 5, 2015/11/24) */ Contact Name and Title: [redacted] , Compliance Contact Phone: XXX-XXX-XXXX Contact Email: [redacted] @mhlmtg.com This complaint has been received and is currently being reviewed by Upper Management & LegalOnce our review is completed we will contact the borrower with a resolution proposalWe anticipate a resolution proposal to be completed by 12/01/ Initial Consumer Rebuttal / [redacted] (3000, 7, 2015/11/29) */ (The consumer indicated he/she DID NOT accept the response from the business.) This is not an explanation for their error Final Business Response / [redacted] (1000, 9, 2015/12/01) */ ***Document Attached [redacted] The borrower's came to us on April 27, for a Rate and Term Refinance LoanTheir current expenses on the home were: P&I $ MI: $ Taxes $ Hazard Ins$ HOA Dues $ Total Monthly Expenses of $ We completed a FHA streamline refinance loan for the borrowersThe breakdown of the monthly payment is as follows: P&I $ MI: $ Taxes $(Estimated per County Tax Certificate) [redacted] $(Actual after Tax Assessment) Hazard Ins$ HOA Dues $ Total Monthly Expenses of $Estimated - $Actual The savings per month for the principal, interest and mortgage insurance is $We don't regulate the taxes and insurance payments as they are maintained by the County Tax Assessor and a borrower selected third party insurance vendorThis is a standard cost of homeownership The monthly payment for taxes was calculated strictly from the tax certificate that was provided to our company by the County of DuvalThe taxes were based on vacant land only and no estimate was made for the future calculation of taxes after the county was to reassess the value to include the structureThis caused an escrow account shortage in the amount of $3,and the monthly tax payment must be raised by $per month to allocate sufficient funds in the escrow account to cover the next tax installment The County of Duval did not complete its tax assessment review until July 2015, which was two months after we closed the loanThe increase in tax payment would have happened if the loan was refinanced with our company or if the borrower stayed with their current lenderLenders do not have any control over the County Tax Collector and the rates that are chargedOur staff had no way of knowing the future tax bill that would be placed on the property value prior to us closing the loan for the borrowersThe prior lender would have had to raise their monthly tax payment to make up for the shortage and if not refinanced the borrowers would also not have the $savings Due to the hardship this has caused the borrower Majestic Home Loan will make a payment of $3,to the escrow account to make up for the first tax payment shortage that was due to the County of Duval on 11/23/ The monthly payment increase would have happened regardless of which lender they were making their payment to, as we do not have any control of the County Tax Assessor, which is a government municipalityAttached is a copy of what the County provided us as a Tax Certification prior to funding the loan

I am rejecting this response because:Due to internal problems between Majestic Loans and their employee " [redacted] ", my application was not processed in a reasonable time or manner A new person has been assigned to this application, however Majestic Loans will not honor the original signed application The interest rate as well as payment plan discussed at time of application is significantly different then what is now being offered.I am requesting a letter from Majestic Loans closing this application out with an explanation as to why the original loan is not being honored.I will wait for further.Regards, [redacted]

MHL Processing Dept has been in touch with Mr*** and discussed what needs to be corrected prior to moving forward with a new loan transactionWe are assisting the borrower with the correction of his mortgage rating on his current mortgage so that we may resolve the issue and assist the borrower with a new refinance transactionThe process takes 4-weeks and once we have that issue resolved we will continue to assist Mr*** with his refinanceIf he cannot reach our staff at anytime he is welcome to contact our Compliance Manager at ***@majesticloan.com

Initial Business Response /* (1000, 5, 2015/06/16) */
Contact Name and Title: *** ***, Compliance
Contact Phone: XXX-XXX-XXXX
Contact Email: ***@mhlmtg.com
Customer has been contacted and a better explanation of why his loan has been delayed has been provided to him
In no way
were we trying to disrespect our consumer, however there was a gap in communication for which we apologize if it was felt that the miscommunication or lack of was any way directed at the consumer intentionally
In this particular case we were waiting for information for the attorney and title company that was having issues with the property information that we providedWe were not getting a response from the Title Company and this was the major delay in his transactionThis has all been taken care of and consumer is aware of where his transaction is at todayWe will take extra precaution in the future with this type of delay and make sure the consumer is fully aware of what is causing the delay
Initial Consumer Rebuttal /* (2000, 7, 2015/06/17) */
(The consumer indicated he/she ACCEPTED the response from the business.)
The company has contacted me and was very apologetic in their response, and the cases has continue in my refinance

Initial Business Response /* (1000, 5, 2016/01/07) */
Contact Name and Title: *** ***, Compliance
Contact Phone: XXX-XXX-XXXX
Contact Email: ***@mhlmtg.com
This complaint revolves around a loan transaction for the borrower that began on 9/10/We issued a conditional approval
on 9/28/15, with one of the prior-to-doc conditions for a lien on the preliminary title report to be removed or paid off at closingThe approval on this loan expired on 11/27/So, when we received conditions on 12/14/15, we had to update the mortgage rating on the credit report to comply with HUD guidelinesWhen the updated rating was provided to us on 12/14/15, it was determined that the borrower had a recent mortgage late within the past months, and was recently late on two student loansThis information was not disseminated to us by the borrower throughout the transaction process, and had we been made aware, then we would've informed him that his credit does not meet the HUD guidelines referenced belowDue to this unforeseen information obtained from the credit bureau we were unable to proceed with the loan transaction
Initial Consumer Rebuttal /* (3000, 7, 2016/01/09) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I was never told throughout the process that it would expire or anything all I was told is that yes everything is almost closingI even asked at one point that I wanted to makeep sure that everything is good because I didn't want to be wasting anymore time and moneyI was told yes and I would close by the end of OctoberThen I was told I would close by end of December for suretwo days before the 31st I wants again was told I wasn't going to make the end of DecemberOn December 31st I was told I was declinedAfter told for months everything was fineI was never told that my loan would expire in NovemberSo which isn't my faultThey should of closed it by thenNot happy with this at all
Final Business Response /* (4000, 9, 2016/01/15) */
Unfortunately, there was no way to foresee the circumstance that the borrower would need an updated credit rating and that the mortgage credit rating would show that the borrower paid their mortgage payment late in the months prior to loan closingUp until this time the loan transaction was approvedWe are unable to assist borrower at this time as we are following FHA guidelines and those do not allow the borrower to have current late payments reporting on their credit report

Initial Business Response /* (1000, 5, 2015/11/30) */
Contact Name and Title: *** ***
Contact Phone: XXX-XXX-XXXX
Contact Email: ***@mhlmtg.com
The borrower contacted our customer service department on 11/6/at 6:42am and we responded with our offer to assist the customer
with any documentation or explanation needed on 11/6/at 6:amWe did not hear back from the borrowerWe attempted to contact her by telephone on her second request and a voicemail was left on 11/25/for her to contact the Compliance Officer directlyWe still have not heard back from the borrowerWe have a copy of our email attempting to help resolve any issues and are still available to assist the customer in any manner possiblePlease have the customer contact the Compliance Officer directly at XXX-XXX-XXXX
The document that was signed on 10/23/was an Affidavit sent out by the Title Company in order to be able to record the loanThe information on the affidavit was provided by the borrower and the Title Company needed a sworn affidavit signed to the information that was being providedWe would be happy to assist her with any information needed in this case

Initial Business Response /* (1000, 5, 2016/07/07) */
We have contacted the customer to address the concerns and a resolution has been reachedIn addition, we have further evaluated how we can prevent this problem from occurring and are committed to resolving all consumer complaint in a timely
mannerWe are a customer based business so we stride on our customer serviceWe appreciate the customers feedback as it will assist us in becoming better at what we do and improving our communication within our company

Mr*** has been contacted by Majestic Home Loan regarding his complaint and we are presently working with him on a resolution so that we may proceed with the approval his current loan transactionWe are committed to assisting him and providing him with the information needed to correct the late
hardship payment that was made to his current lender during the processing of his transaction with MHLThere was an ablength of time for processing that was caused in part by the length of time for the property appraisal to be completedWe will update Mr***, on frequent basis as it may take a couple of weeks before we can come to a final resolutionCustomer service satisfaction is our priority and we will assist Mr*** in every way possible remedy the situation

I am in receipt of the above mentioned Revdex.com Complaint from *** ***. I have researched our records of consumer’s that we have obtained credit applications and credit reports on. Majestic Home Loan has not obtained a credit report on Ms*** without permission as stated in her
complaint as her information is not in our records. However, Majestic Home Loan has purchased prescreened data from the Credit Bureaus in the past. When Mortgage Lenders purchase this type of data the credit Bureaus will list this as a “Prescreened Credit Inquiry” that does not count against the consumer’s credit scoreIn addition, we do not have any sensitive information such as social security number or what information is included in her personal credit history; we are only provided with name and address and that the consumer meets our required credit parameters Information regarding this and how to stop companies from obtaining this information on consumers can be found at this FTC website: https://www.consumer.ftc.gov/articles/0262-stopping-unsolicited-mail-phone-calls...⇄ I have also included the information below. If the consumer follows the instructions on the web site to opt out of future offers no additional personal data will be sold by the credit bureaus If the consumer has any additional concerns or would like to speak to me personally she should feel free to call me at any time

Initial Business Response /* (1000, 5, 2015/06/23) */
Contact Name and Title: [redacted]
Contact Phone: XXX-XXX-XXXX
Contact Email: [redacted]@mhlmtg.com
We have reviewed the mailer that was sent to [redacted]. As we appreciate her concern of false advertising we can confirm that the offer...

made in the flyer is a VA Cash Out Refinance Loan that is an available product that we offer. Our advertisement states at the top right hand of flyer that we are Majestic Home Loan and our disclaimer states we are not an agency of the US Government to eliminate any confusion as to who is offering the product. The Pin Number on the flyer tracks our marketing efforts and helps to identify the program offered to the consumer when they call in. We have removed [redacted] from our mailing database and no further offers will be sent to consumer.

Initial Business Response /* (1000, 5, 2015/11/24) */
Contact Name and Title: [redacted], Compliance
Contact Phone: XXX-XXX-XXXX
Contact Email: [redacted]@mhlmtg.com
This complaint has been received and is currently being reviewed by Upper Management & Legal. Once our review is completed...

we will contact the borrower with a resolution proposal. We anticipate a resolution proposal to be completed by 12/01/2015.
Initial Consumer Rebuttal /* (3000, 7, 2015/11/29) */
(The consumer indicated he/she DID NOT accept the response from the business.)
This is not an explanation for their error.
Final Business Response /* (1000, 9, 2015/12/01) */
[redacted]Document Attached[redacted]
The borrower's came to us on April 27, 2015 for a Rate and Term Refinance Loan. Their current expenses on the home were:
P&I $889.88
MI: $201.42
Taxes $208.01
Hazard Ins. $52.42
HOA Dues $ 4.17
Total Monthly Expenses of $1355.90
We completed a FHA streamline refinance loan for the borrowers. The breakdown of the monthly payment is as follows:
P&I $850.34
MI: $126.75
Taxes $143.98 (Estimated per County Tax Certificate) * $320.31 (Actual after Tax Assessment)
Hazard Ins. $61.84
HOA Dues $ 4.17
Total Monthly Expenses of $1187.08 Estimated - $1359.24 Actual
The savings per month for the principal, interest and mortgage insurance is $114.21. We don't regulate the taxes and insurance payments as they are maintained by the County Tax Assessor and a borrower selected third party insurance vendor. This is a standard cost of homeownership.
The monthly payment for taxes was calculated strictly from the tax certificate that was provided to our company by the County of Duval. The taxes were based on vacant land only and no estimate was made for the future calculation of taxes after the county was to reassess the value to include the structure. This caused an escrow account shortage in the amount of $3,343.58 and the monthly tax payment must be raised by $176.33 per month to allocate sufficient funds in the escrow account to cover the next tax installment.
The County of Duval did not complete its tax assessment review until July 2015, which was two months after we closed the loan. The increase in tax payment would have happened if the loan was refinanced with our company or if the borrower stayed with their current lender. Lenders do not have any control over the County Tax Collector and the rates that are charged. Our staff had no way of knowing the future tax bill that would be placed on the property value prior to us closing the loan for the borrowers. The prior lender would have had to raise their monthly tax payment to make up for the shortage and if not refinanced the borrowers would also not have the $114.22 savings.
Due to the hardship this has caused the borrower Majestic Home Loan will make a payment of $3,343.58 to the escrow account to make up for the first tax payment shortage that was due to the County of Duval on 11/23/2015.
The monthly payment increase would have happened regardless of which lender they were making their payment to, as we do not have any control of the County Tax Assessor, which is a government municipality. Attached is a copy of what the County provided us as a Tax Certification prior to funding the loan.

I am rejecting this response because:Due to internal problems between Majestic Loans and their employee "[redacted]", my application was not processed in a reasonable time or manner.  A new person has been assigned to this application, however Majestic Loans will not honor the original signed application.  The interest rate as well as payment plan discussed at time of application is significantly different then what is now being offered.I am requesting a letter from Majestic Loans closing this application out with an explanation as to why the original loan is not being honored.I will wait for further.Regards,[redacted]

Majestic Home Loan issued a Loan Estimate on 9/7/2016 that confirmed that the interest rate was not locked, and was just an estimate of fees and interest rate based on the current market. During the loan process, an appraisal was obtained with a value lower than the borrower’s initial estimate. Therefore,the proposed interest rate would have to reflect the current market and take into consideration the actual appraised value based on the Loan-To-Value for the property. Our Sales Manager has explained the current options to the borrower's. A notice closing the loan out with explanation has been placed in the mail per the borrower's request.

I am rejecting this response because:
Hello,
I am only filing a "rejecting response" because I have not heard back from Majestic loan since or last few communications on November 30th. Initially, the response from their processing manager, [redacted], was optimistically promising. Mrs [redacted] was pleasant and appeared genuinely concerned about everything that has transpired with my loan. She was very prompt and asked that I be the same. I mistakenly replied to her last email by replying to myself mistakenly. I noticed the error 2 days later and immediately forwarded that email to her. I also left her a voicemail explaining my error. Unfortunately, I have not heard back from her, despite several phone calls I made everyday since and messages I left. I have a hard time believing that she is purposely dodging my email and phone calls because of our previous correspondences. I pray she is well and not away from work due to some unfortunate circumstances. However, this would not be the first time Majestic Home Loans has ignored my inquiries. I hope this is not the case. I had a glimmer of hope due to the dialogue I had with Mrs. [redacted]. But in full disclosure, I cannot accept this lack of response. If there are circumstances beyond their control, I would lack to retract this report. If this is not the case, I'd like to pursue the next step in this process.
Please see attached for email communication string between me and Majestic Home Loans.
V/R,
[redacted]

Initial Business Response /* (1000, 5, 2015/10/19) */
Contact Name and Title: [redacted], Compliance
Contact Phone: XXX-XXX-XXXX
Contact Email: [redacted]@mhlmtg.com
I have reviewed the complaint from the consumer and interviewed our Underwriters, Processors & Funders in our office.
A...

full set of document copies have been sent out in UPS overnight mail for her review.
We did have miscommunication through our Loan Processor that gave her the impression she did not need to come in with money and was able to retain the $500 that was erroneously sent to her at closing.
At closing we gave consumer a principal loan amount reduction of $1053.66 & escrow refunded the consumer $500 both of these credits were in error due to the previous lender giving the Escrow Credit on the final payoff statement that was not noticed by MHL or Escrow Company.
Due to our verbal miscommunications with the consumer we are waiving any amounts due to our company and consumer does not need to repay Majestic Home Loan any additional amounts.
We hope the extra credit of the loan and the $500 will satisfy the consumer and we apologize for the inconvenience that this has caused her.
We will be training our staff to better handle this type of situation for better customer service in the future.
Initial Consumer Rebuttal /* (3000, 7, 2015/10/20) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I did receive closing documents today through UPS, today. After, speaking with my attorney she advised me to request Majestic Home Loan to provide me with a letter on company letterhead that states that I do not owe Majestic Home Loan any additional funds. This will definitely ratify the situation.
Thanks
Final Business Response /* (4000, 9, 2015/10/26) */
Per request, letter to consumer has been placed in mail today stating that nothing is owed to MHL.
Final Consumer Response /* (2000, 11, 2015/11/03) */
(The consumer indicated he/she ACCEPTED the response from the business.)

The consumer has been contacted and MHL is wor[redacted] to resolve all issues to obtain final approval. A new Loan Agent has been assigned to the loan to provide faster service and the Sales Manager will oversee the transaction until final closing and to assist with any remaining issues. If consumer...

does not receive satisfactory service they may contact me directly at [redacted]@majesticloan.com.

Initial Business Response /* (1000, 5, 2015/05/15) */
Contact Name and Title: [redacted]/Compliance
Contact Phone: XXX-XXX-XXXX
Contact Email: [redacted]@mhlmtg.com
On [redacted] 13, 2015 at 7:56pm we received an email from consumer requesting that we remove him from our data base or he will...

file a complaint with the Revdex.com. On the morning of 5/14/15 he placed a call to our branch office and requested the same. His information was put into our system to delete from future mailing on 5/14/15 at 9:52am. We received Revdex.com notice of complaint on 5/14/15 at 10:05am. Prior to the email on 5/13/15 and call on 5/14/15 we have no record of call or notice to remove his name from our database. All of our opt out calls are logged on a daily basis and entered into our systems.
Our database records show we added this consumer to our mailing system on 3/21/15 and now have successfully deleted as of 5/14/15.
MHL, respects all opt out requests from consumers and any person that contacts us for removal of their information from our system is immediately removed. We track when they have been entered into system and when they are removed.
We apologize for any inconvenience the mailer has caused consumer and will keep him on our Do Not Mail list indefinitely.

Initial Business Response /* (1000, 5, 2016/07/22) */
Contact Name and Title: [redacted]
Contact Phone: XXX-XXX-XXXX
Contact Email: [redacted]@majesticloan.com
We have contacted the consumer regarding this matter. Majestic Home Loan is committed to excellent customer service and will work...

with the customer until we have reached a satisfactory resolution.
Initial Consumer Rebuttal /* (3000, 7, 2016/07/22) */
(The consumer indicated he/she DID NOT accept the response from the business.)
What about working with your employee as well to insure this illegal practice does not continue?
Restitution?
Final Business Response /* (4000, 9, 2016/08/02) */
Training has been implemented within our Sales Department to ensure this does not occur again. In addition, we have increased our call monitoring compliance review to flag any violations that [redacted] be occurring and take immediate action.
We have reached out to the consumer, several times, to discuss the information that will be needed in order to remove this credit inquiry. As of today, consumer has not responded to any phone call or emails. Last email received from the consumer was on 07/14/2016 in which he stated that all he wanted was the removal of the inquiry. We would like to assist with this request but in order to do so the consumer needs to send us a signed letter stating that the credit bureaus have his authorization to remove the inquiry. As soon as we get this letter we will submit to the credit bureaus.